GLD vs. PSQ
GLD (SPDR Gold Shares) and PSQ (ProShares Short QQQ) are both exchange-traded funds - GLD is a Gold fund tracking the LBMA Gold Price PM, while PSQ is a Inverse Equities fund tracking the NASDAQ-100 Index (-100%). Both are passively managed. Over the past 10 years, GLD returned 12.15%/yr vs -19.15%/yr for PSQ. At a correlation of -0.05, they often move in opposite directions. GLD charges 0.40%/yr vs 0.95%/yr for PSQ.
Performance
GLD vs. PSQ - Performance Comparison
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Returns By Period
In the year-to-date period, GLD achieves a -2.47% return, which is significantly higher than PSQ's -14.02% return. Over the past 10 years, GLD has outperformed PSQ with an annualized return of 12.15%, while PSQ has yielded a comparatively lower -19.15% annualized return.
GLD
- 1D
- 0.06%
- 1M
- -9.52%
- YTD
- -2.47%
- 6M
- -2.25%
- 1Y
- 22.21%
- 3Y*
- 28.89%
- 5Y*
- 17.08%
- 10Y*
- 12.15%
PSQ
- 1D
- -0.65%
- 1M
- -0.23%
- YTD
- -14.02%
- 6M
- -14.04%
- 1Y
- -24.40%
- 3Y*
- -17.58%
- 5Y*
- -13.78%
- 10Y*
- -19.15%
GLD vs. PSQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | -2.47% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
PSQ ProShares Short QQQ | -14.02% | -15.51% | -15.68% | -32.01% | 36.40% | -24.84% | -41.23% | -27.49% | -2.34% | -24.77% |
Correlation
The correlation between GLD and PSQ is -0.23, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.10 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2006 | -0.05 |
The correlation between GLD and PSQ shifts across timeframes, from -0.23 (1 year) to -0.05 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GLD vs. PSQ — Risk / Return Rank
GLD
PSQ
GLD vs. PSQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) and ProShares Short QQQ (PSQ). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| GLD | PSQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.24 | ||
| Sortino ratioReturn per unit of downside risk | +3.27 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 0.78 | +0.40 |
| Calmar ratioReturn relative to maximum drawdown | 0.98 | -0.87 | +1.85 |
| Martin ratioReturn relative to average drawdown | 2.81 | -1.81 | +4.62 |
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Drawdowns
GLD vs. PSQ - Drawdown Comparison
The maximum GLD drawdown since its inception was -45.56%, smaller than the maximum PSQ drawdown of -98.26%. Use the drawdown chart below to compare losses from any high point for GLD and PSQ.
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Drawdown Indicators
| GLD | PSQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.56% | -98.26% | +52.70% |
Max Drawdown (1Y)Largest decline over 1 year | -24.46% | -26.86% | +2.40% |
Max Drawdown (3Y)Largest decline over 3 years | -24.46% | -49.65% | +25.19% |
Max Drawdown (5Y)Largest decline over 5 years | -24.46% | -60.91% | +36.45% |
Max Drawdown (10Y)Largest decline over 10 years | -24.46% | -88.98% | +64.52% |
Current DrawdownCurrent decline from peak | -22.05% | -98.20% | +76.15% |
Average DrawdownAverage peak-to-trough decline | -16.16% | -73.99% | +57.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.49% | 12.96% | -4.47% |
Volatility
GLD vs. PSQ - Volatility Comparison
SPDR Gold Shares (GLD) has a higher volatility of 7.79% compared to ProShares Short QQQ (PSQ) at 7.39%. This indicates that GLD's price experiences larger fluctuations and is considered to be riskier than PSQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLD | PSQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.79% | 7.39% | +0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 24.10% | 13.75% | +10.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.37% | 17.23% | +10.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.22% | 22.59% | -4.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.08% | 22.34% | -6.26% |
GLD vs. PSQ - Expense Ratio Comparison
GLD has a 0.40% expense ratio, which is lower than PSQ's 0.95% expense ratio.
Dividends
GLD vs. PSQ - Dividend Comparison
GLD has not paid dividends to shareholders, while PSQ's dividend yield for the trailing twelve months is around 5.09%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PSQ ProShares Short QQQ | 5.09% | 4.97% | 7.15% | 6.01% | 0.35% | 0.00% | 0.31% | 1.75% | 0.95% | 0.02% |
Frequently Asked Questions
GLD and PSQ have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLD has higher volatility (7.79%) compared to PSQ (7.39%). In terms of maximum drawdown, GLD dropped -45.56% vs PSQ's -98.26%.
On 10-year performance, GLD leads with 12.15% vs -19.15% for PSQ. On fees, GLD is cheaper at 0.40% per year. On volatility, PSQ has been the lower-risk option at 7.39%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 12.15% return vs -19.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLD is cheaper with a 0.40% expense ratio, compared with 0.95% for PSQ.
PSQ has the higher dividend yield at 5.09%, compared with 0.00% for GLD.
GLD is categorized as Gold, while PSQ is Inverse Equities. GLD tracks LBMA Gold Price PM, while PSQ tracks NASDAQ-100 Index (-100%). They also come from different issuers: State Street and ProShares. Their fees differ too: 0.40% for GLD and 0.95% for PSQ.
GLD currently has the higher Sharpe Ratio (0.87 vs -1.36), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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